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Jan 16, 2013
01/13
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debt ceiling, this is what the beige book is telling us, bill, the run-up is a big deal and the whole question. i'm not saying it's -- it's very important to solve these issues, but i think what the market wants, what investors want and probably what the american public wants is an understanding of the process of how we make a decision. i really think at this time our democracy and how we make decisions is entirely up in the air and unclear to most people. if business understood how we got to go, then i think there would be more clarity out there. you could operate a business. >> you know, steve, i have a question to you. i know it's basically fed policy under ben, under chairman greenspan not to wade into the actual mode to solve these issues, but isn't it a bit disingenuous of the fed to talk about all this uncertainty without making any comments as to hey, you guys, you need to deal with the debt. you need to deal -- >> but, they are. bernanke makes that comment a lot. he has said. >> says it all the time. >> more a solution. like telling them how to go about it. >> that's the prob
debt ceiling, this is what the beige book is telling us, bill, the run-up is a big deal and the whole question. i'm not saying it's -- it's very important to solve these issues, but i think what the market wants, what investors want and probably what the american public wants is an understanding of the process of how we make a decision. i really think at this time our democracy and how we make decisions is entirely up in the air and unclear to most people. if business understood how we got to...
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Jan 22, 2013
01/13
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the first is tomorrow to deal with the debt ceiling and extend without a number extend the ability of the government to continue to expend until mid-may. then i would look at march 1st sequestration. that is the agreed-to reduction s amounts that the president already agreed to. >> and we've heard what sequestration would to to the government and people? >> not really, but with the nomination of peter, historically he's talked about cuts in defense. if you're going to cut, anyway, then let's get started and what about, too, is happening in the middle east, we'll find out tonight who takes israel, obviously netanyahu is leading the poles now. at the same time, north africa in the news with all of the latest violence at the gas field in algeria. so does this complicate the narrative of wanting to push ahead with sequestration? >> well, the speech yesterday was very short on international affairs. which i found surprising. because we are in ra very dangerous place right now. there is a great deal of uncertainty and new turmoil. sequestration was to what america's positive tour should be
the first is tomorrow to deal with the debt ceiling and extend without a number extend the ability of the government to continue to expend until mid-may. then i would look at march 1st sequestration. that is the agreed-to reduction s amounts that the president already agreed to. >> and we've heard what sequestration would to to the government and people? >> not really, but with the nomination of peter, historically he's talked about cuts in defense. if you're going to cut, anyway,...
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Jan 21, 2013
01/13
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we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in the private sector, which needs to be fluffed off. there's a deraef raejing that you've been seeing right across the western world is still going to go on, i think, for the best part of this decade. >> and we heard leading up to this election that rarely has a u.s. president been elected with such high levels of unemployment. what was different this time? >> oh, i think it had something to do with the candidate he was facing not being able to energize the public. but i also think, look, reflation? the public loves that, right? free money. >> but do th
we've gone over the cliff, now we have the debt ceiling. but, you know, even if they get over those two short-term problems, you still have got the problem of a massive deficit, which is going to have to be reigned in. at some point, you're going to get a fiscal squeeze in america and that is going to put a break on what is not very far from economic growth. i think you'll have that which is always something that is going to be there in the background. you have a lot of debt, as well, still in...
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Jan 22, 2013
01/13
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so is the gop about to cave on a debt ceiling deal? we may know a lot more soon. there's a plan floating around washington, stop lawmakers pay if there's no solution on the debt ceiling by the deadline day. >>> and this guy, he's teed off, the golfer phil michakelson tee off over his taxes. and he's not going to take it anymore, or is he? sue herera is live at the new york stock exchange. >> earnings are front and center with j & j, dupont, travelers all out with results. more on them in a few minutes. let's get you ahead of the curve. google is getting ready to report its latest results after the bell. fears about an ad revenue and major focus on those shares. google right now is down 3 bucks on the trading session. john is in silicon valley with what investor s need to know ahead of the numbers. >> couple of important themes this quarter, mobile and mobile. mobile's impacted on the core business. as more people do searches from mobile devices, google's revenue has been coming down. it's more than likely this trend will continue as smartphone and tablet sales spi
so is the gop about to cave on a debt ceiling deal? we may know a lot more soon. there's a plan floating around washington, stop lawmakers pay if there's no solution on the debt ceiling by the deadline day. >>> and this guy, he's teed off, the golfer phil michakelson tee off over his taxes. and he's not going to take it anymore, or is he? sue herera is live at the new york stock exchange. >> earnings are front and center with j & j, dupont, travelers all out with results....
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Jan 18, 2013
01/13
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might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the heavy side today. if you think that is good news pushing the debt ceiling out for stocks and i think generally would you look at it as good news, it certainly is fairly muted here. as for the major indices for the week, what simon was just talking about, there are deeper cyclical changes. big industrial names have been generally outperforming and that is very good news, if you think the global economy, those stocks would more closer would the global economy. >> you get this, this real tight hugging of the flat line friday. monday, tuesday, wednesday and then again today.
might vote next week to raise the debt ceiling for even three months. there is a very muted reaction and what to watch here are how people are buying etfs. this is the s&p 500. you can buy it in a single stock and you might say, oh, gee, there is a move there to the far right on the upside when the announcement came. but it is a very, very narrow amplitude. very narrow range of trading. that's about three points on the s&p 500. the volume did pick up and we will have volume towards the...
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Jan 15, 2013
01/13
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. >> do you think some feel it's a band aide deal. when you talk about raising the debt ceiling. getting a proper deal done there, is there any such thing as a band-aid o is it basically a do or die? >> it was much more complicated because it has hat add lod more debting. you have to remember this is about paying for the bills we've already obligated ourselves to play. >> it's a lost opportunity to fix other things, wouldn't you say? >> well, i don't view it as an opportunity. i view it as an opportunity to avoid catastrophe. the point i make in the article is if we must have this biggar maggetten like battle, let's hold it up over the budget when the continuing resolution expires and have it then when the consequences while not grak are not nearly as dire. >> you know, professor, you point out what i think is the biggest problem in your piece and know note thatted if real receipts only cover 74% of the outlay. in other words we're not paying enough to pay our bills but the 26th fan you mgs mentioned. that ice a problem. >> it's very, very unstatus inl. when i did this calculatio
. >> do you think some feel it's a band aide deal. when you talk about raising the debt ceiling. getting a proper deal done there, is there any such thing as a band-aid o is it basically a do or die? >> it was much more complicated because it has hat add lod more debting. you have to remember this is about paying for the bills we've already obligated ourselves to play. >> it's a lost opportunity to fix other things, wouldn't you say? >> well, i don't view it as an...
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Jan 7, 2013
01/13
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that fiscal cliff deal should make us no mar happy or satisfied we'll have a bipartisan deal on the debt ceiling. >> dysfunction. >> extreme dysfunction. even if we power through that, all the structural trends in the u.s. are quite positive. housing and the energy revolution and business profits. as a consequence of all of that, there is a reality. the political risk is going to slow economic growth in the u.s. somewhat. but that downside is really bounded. it's really limited in a way that it's not in so many of the emerging markets around the world. >> another risk you bring up is the jibs. that's japan, israel, and britain. >> that's right. china is rising, the middle east is exploding, and europe is muddling through. each has one country that happens to be the special ally of the united states that is outside and can't do anything about it. china's rising and japan can't have a good relationship with them. they're really increasingly by themselves and facing conflict. the middle east is exploding. israel is on the downside of every one of those relations whether it's egypt or jordan
that fiscal cliff deal should make us no mar happy or satisfied we'll have a bipartisan deal on the debt ceiling. >> dysfunction. >> extreme dysfunction. even if we power through that, all the structural trends in the u.s. are quite positive. housing and the energy revolution and business profits. as a consequence of all of that, there is a reality. the political risk is going to slow economic growth in the u.s. somewhat. but that downside is really bounded. it's really limited in a...
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Feb 6, 2013
02/13
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>> the sky will fall if you don't deal with the debt ceiling. but i think unfortunately, this is the price that we pay in the fiscal cliff deal. the democrats paid. i said at the time that i thought it was a short term victory for the democrats, but a long term victory for the republicans because we gave away our leverage on tax increases. so, sure, i have no objection to giving away the carried interest on some of the projects and loophole, but the fact is we're not in position to do that and i think we ought to get serious about the deficit and the best way to get serious about the deficit is go right over the cliff. the likelihood of having a real agreement between the white house and the conservative republicans is pretty close to zero. so i think we should take our medicine now. i don't think our sky are fall if we take the sequesters. i think from a democratic view, it's the only way we'll get the kind of defense cuts that we really need to get and we need to take our medicine. >> what i'm hearing is you disagree with the president and you
>> the sky will fall if you don't deal with the debt ceiling. but i think unfortunately, this is the price that we pay in the fiscal cliff deal. the democrats paid. i said at the time that i thought it was a short term victory for the democrats, but a long term victory for the republicans because we gave away our leverage on tax increases. so, sure, i have no objection to giving away the carried interest on some of the projects and loophole, but the fact is we're not in position to do...
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Mar 28, 2013
03/13
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we will see pressure on the market just because we have got the debt ceiling debate and earnings that are expected to be muted. we have to cover europe. that's important. >> kenney? have a great look. >> you thought it was tough to deal with your bank. a long with a lot of new rules, michelle is there for us, live. michelle? >>tyler, the banks were open for a full six hours. however, there were strict limits on the withdrawals that people could make. that was to prevent runs on the banks. take a look at the video we shot right at the opening hour here. you could see depositors pressed up against the glass. people were desperately trying to get in. most people who showed up were people who didn't have an atm card. as the afternoon wore on, things calmed down. difficult the note what is the true demand for catch. they limited withdrawals to only 300 euros per day. you can't cash any checks and can't cash in any certificates of deposits. we have received a lot of questions where depositors are going to lose a lot of money, whether or not that could happen in the united states. we built a
we will see pressure on the market just because we have got the debt ceiling debate and earnings that are expected to be muted. we have to cover europe. that's important. >> kenney? have a great look. >> you thought it was tough to deal with your bank. a long with a lot of new rules, michelle is there for us, live. michelle? >>tyler, the banks were open for a full six hours. however, there were strict limits on the withdrawals that people could make. that was to prevent runs...
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Jan 14, 2013
01/13
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but i think at the end of the day, the deal made is a debt ceiling increase. but republicans will go through with those sequester cuts. >> yeah. if i could just come. jump in real quick. brian, bandy, jumping 06 of what jimmy had to say here, let's not forget, defaulting on the principle and interest obligation says separate conversation from defaulting on things to other people. say, sending out social security checks. in the context of quote unquote, defaulting on our debt, i'm with jimmy p. as well. missing an interest payment, a very low probability. >> that where some of the confusion seems to be, steve. exact lit public understanding. that why we are here at cnbc to what the risk really is. is someone not going to get their social security check? is the post office not going to be paid? what would happen first? >> brian, a lot of people don't understand because it is complicated. neither side of this depate want you to understand the reality here. on the one hand, the administration wants you to -- doesn't want you to know there are two options here. def
but i think at the end of the day, the deal made is a debt ceiling increase. but republicans will go through with those sequester cuts. >> yeah. if i could just come. jump in real quick. brian, bandy, jumping 06 of what jimmy had to say here, let's not forget, defaulting on the principle and interest obligation says separate conversation from defaulting on things to other people. say, sending out social security checks. in the context of quote unquote, defaulting on our debt, i'm with...
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Jan 11, 2013
01/13
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and that, as we kind of deal with the delay and the debt ceiling debate, that is probably the most important negative contributor to sentiment in the first half. however, what we've seen is that market really has switched from being extremely nervous about these things to really putting a lot of faith and sort of innocent until proven guilty kind of sentiment that is happening. we saw that basically going into the end of the year deadline. and market hardly sold off. >> gina -- >> in one day. >> gina, i used to hate earnings season, right? oh, we got to talk about earnings again. i would love to go back it earning season. i would love for earnings to matter instead of the fiscal cliff, right? and all these debt ceiling debates. when do earnings matter again? do they matter right now? >> hold on, i got to jump in. earnings do matter. >> all we talk about is the fiscal cliff. this and that and the election. >> brian, just because you talk about it doesn't mean that something else doesn't matter. >> well, that's not what i think. >> well. >> can we get back to -- we never answered earnings toda
and that, as we kind of deal with the delay and the debt ceiling debate, that is probably the most important negative contributor to sentiment in the first half. however, what we've seen is that market really has switched from being extremely nervous about these things to really putting a lot of faith and sort of innocent until proven guilty kind of sentiment that is happening. we saw that basically going into the end of the year deadline. and market hardly sold off. >> gina -- >>...
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Feb 5, 2013
02/13
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moving the debt ceiling negotiations back a little bit we got a bit of a bounce. >> what i mean, you'll probably -- listen, we had the bounce today, down 130 points based on political instability in europe. rally right back, the president going to get through that and talk about long-term cuts. i don't think you'll get much more, we'll be stuck here around 14,000. >> long-term ron barron was on cnbc. he made a pretty outrageous projection, we've all been talking about it down here. let's take a listen to what he had to say. >> i'm expecting 7% average growth for extended period of time since we're below where stocks normally trade. how long will that take? 7% a year, you double your money every 10 years. that means if the stock market is 14,000 now, it could be 28,000 in 10 years and 50 or 60,000 in 20 years. >> ron barron is a very successful money manager. he's made a lot of money for his clients and for himself but that sound bite has a lot of people scratching their heads. >> i checked those numbers on 7%, with or without inflation, i'm not sure the economy's long-term growth at 7%.
moving the debt ceiling negotiations back a little bit we got a bit of a bounce. >> what i mean, you'll probably -- listen, we had the bounce today, down 130 points based on political instability in europe. rally right back, the president going to get through that and talk about long-term cuts. i don't think you'll get much more, we'll be stuck here around 14,000. >> long-term ron barron was on cnbc. he made a pretty outrageous projection, we've all been talking about it down here....
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Jan 17, 2013
01/13
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on the debt ceiling yet. we have no idea what sequestration would mean. apple is leading the market. actually gotten killed. all of these things would be told and needed to be in place in order for the market to go up and are not. i think the story here is very low expectations and investors looking at that three-year number, five-year number and saying the market is way more hospitable than i thought it would be and i need to do something different than what i've been doing all this time. >> all right. rick santelli, your take on this day. your landscape is bigger than just equities. treasury yields have been ticking up. currencies are going higher against the dollar and oil is going higher. what do you make of what's going on today? >> well, one thing just said that has a common denominator with all of those, of course, is liquefying and central bank activity whether it's bank of japan, europe, we see interest rates are up. went from 180 to testing 190. the bund violated 160, hasn't done that for a while. e
on the debt ceiling yet. we have no idea what sequestration would mean. apple is leading the market. actually gotten killed. all of these things would be told and needed to be in place in order for the market to go up and are not. i think the story here is very low expectations and investors looking at that three-year number, five-year number and saying the market is way more hospitable than i thought it would be and i need to do something different than what i've been doing all this time....
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Jan 8, 2013
01/13
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. >>> well, as the debt ceiling turns, washington lawmakers need to reach a deal to rates debt limits. early as mid-february, or else the federal government will simply run out of money. to pay for all the obligations facing the country. our chief washington correspondent john harwood with the latest developments on that score. over to you, john. >> reporter: maria, here's what we knowch the federal government is going to hit the debt ceiling, projected to, between february 15th and march the 1st. that's when the extraordinary measures that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to fl
. >>> well, as the debt ceiling turns, washington lawmakers need to reach a deal to rates debt limits. early as mid-february, or else the federal government will simply run out of money. to pay for all the obligations facing the country. our chief washington correspondent john harwood with the latest developments on that score. over to you, john. >> reporter: maria, here's what we knowch the federal government is going to hit the debt ceiling, projected to, between february 15th...
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Jan 17, 2013
01/13
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everyone i talk to is saying i'll deal with the debt ceiling when i get there. actually, if there was a lot on worry there, we wouldn't be going, budding up against 5 1/2 year lows. clearly, people are not paying as much attention to it right now and now we have the gun thing going on out of washington, d.c. so even the people in washington themselves are putting it almost on the back burner for another few weeks. once a week or so, you get an easy statement out of somebody. but i think overall, the market is trading like the market should off the things that matter to the market. the debt ceiling will be a short lift. >> i word when the average person gets engaged again. i wonder how many individuals at home are saying, hon fee, we own some united healthcare. we've been buying it because of obama care and we know everybody is going to be added somehow to be covered. i just don't see that type of interest to -- it's professionals that are trading the market. it's not -- individuals are still not in. >> i agree with you to a point. >> you say something about appl
everyone i talk to is saying i'll deal with the debt ceiling when i get there. actually, if there was a lot on worry there, we wouldn't be going, budding up against 5 1/2 year lows. clearly, people are not paying as much attention to it right now and now we have the gun thing going on out of washington, d.c. so even the people in washington themselves are putting it almost on the back burner for another few weeks. once a week or so, you get an easy statement out of somebody. but i think...
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Jan 10, 2013
01/13
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how do you deal with long-term fiscal challenges, how do you deal with the debt ceiling, entitlement reform, all of the things that jack lew has deep experience in. and i think that's the economic issue that he thinks is number one of his plate and he chose somebody who he trufts who he thinks can negotiate on his behalf and i think that's the issue. sometimes when presidents pick people from the business community, the business community has an ambassador but is not an insider in the administration. we saw that in the bush administration early on. >> my next question, is there a chance for somebody of the business community talking about coming in from business community or is it difficult to get another member to join when you give away the big title? >> i think when you give away the big title, the biggest names are not going to want to come as somebody's deputy. i don't know how they're going to fill out the lew treasury department, but i expect they will take some care and attention to tending those relationships. but when you look at the big guns on wall street, they're not goi
how do you deal with long-term fiscal challenges, how do you deal with the debt ceiling, entitlement reform, all of the things that jack lew has deep experience in. and i think that's the economic issue that he thinks is number one of his plate and he chose somebody who he trufts who he thinks can negotiate on his behalf and i think that's the issue. sometimes when presidents pick people from the business community, the business community has an ambassador but is not an insider in the...
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Oct 2, 2013
10/13
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this was the big topic overall, the shutdown could last until the debt ceiling deal, two weeks. the hope yesterday would be there was some stopgap continuing resolution measure for one week, two week so everyone could cobble together a deal for the debt ceiling. that may not happen. the talk is right now that if that happens, you can bet fed tapering is probably going to be put off in some degree. the question is how much damage is going to be done and how much is the fed going to have to step in? right now empire reality is still sitting at $13. we'll see if we can talk to some of the people. remax holdings, 25 to 27 and 21 to 24 on burlington stores. two out of three ipos look loik they'll open well above their initial price. >> thank you, bob pisani. we're only down to one more quarter to hoping this year somehow fulfills the prospects that people felt were very good when the year began. remember the heinz deal or even when the dell ipo was in its early stages? we were all so naive. >> you weren't. i said it was going to be the wave and you slammed me -- you head slapped me.
this was the big topic overall, the shutdown could last until the debt ceiling deal, two weeks. the hope yesterday would be there was some stopgap continuing resolution measure for one week, two week so everyone could cobble together a deal for the debt ceiling. that may not happen. the talk is right now that if that happens, you can bet fed tapering is probably going to be put off in some degree. the question is how much damage is going to be done and how much is the fed going to have to step...
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Jan 9, 2013
01/13
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this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see kwaester, i think that will put obama back think the defense. stick around. we have much more cooking for you. but look, i shothought obamacar was supposed to keep costs down. we are going to tell you why. later on, team obama going all out an gun control. i'm glad they are meeting with the nra. but now senator feinstein wants to ban gun control. we'll be right back. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. put it on my spark card! [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card fr
this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see kwaester, i think that will put obama back think the defense. stick around. we have much more cooking for you. but look, i shothought obamacar was...
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Jan 23, 2013
01/13
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it is not like we've dealt with this debt ceiling problem. we have to deal with it come may. do i really think the market will have this big reaction as a result of this? i don't think so. i think the market is anticip e anticipati anticipating, which is why we have scent market move higher, right? testing this psychologically. i think what is really going to pierce that is what happens with apple. everyone is just sitting on their chair waiting on apple and so as you get some sense. listen, google had great numberes. but market is not taking off as a result of that, right? >> no, but it is also not selling off. transports are still higher as well. that confirms -- >> that all confirms. now we wait on apple. we will see if we tested pierce 1500. i think if we get to 1500 psychologically, it certainly means something. it will get the momentum and jumps on board. but i think in the end, that the debt ceiling cuts will continue to just cap a little bit. but not saying we will collapse at all. i think we are just stuck here. >> but the benchmark numbers are still in place. >> abs
it is not like we've dealt with this debt ceiling problem. we have to deal with it come may. do i really think the market will have this big reaction as a result of this? i don't think so. i think the market is anticip e anticipati anticipating, which is why we have scent market move higher, right? testing this psychologically. i think what is really going to pierce that is what happens with apple. everyone is just sitting on their chair waiting on apple and so as you get some sense. listen,...
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Jan 18, 2013
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>> what it might have been had there not be crisis after crisis dealing with the debt ceiling. >> you said last night, you've got to put on a yogi bear costume to make sense of it. >> returning a lot to shareholders. >> one wonders. >> $12 million they're talking about. >> they have been increasing, of course, ever since the huge cuts that had to take place. what is it going to be now, four years ago, right? >> that period, $6. >> yeah. >> march of '09. amazing, coming up on the four-year anniversary. >> do you ever worry about your paycheck? >> yeah. i think you worry about money you had in any bank account or anything. sure. ge was to cushifocused in the ff '08, that was the moment where it could all come to -- >> that was after the ge bailout. >> sorry, not to revisit the -- >> we have to remind people where we came from. tim geithner leaving, david faber is worried about his paycheck. >> speaking of paychecks, let's talk morgan stanley. wall street firm reporting fourth quarter earnings 45 earlier on squawk, james gorman said his firm is poised to improved market environment. whic
>> what it might have been had there not be crisis after crisis dealing with the debt ceiling. >> you said last night, you've got to put on a yogi bear costume to make sense of it. >> returning a lot to shareholders. >> one wonders. >> $12 million they're talking about. >> they have been increasing, of course, ever since the huge cuts that had to take place. what is it going to be now, four years ago, right? >> that period, $6. >> yeah. >>...
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Jan 14, 2013
01/13
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and he said the fiscal cliff deal represented progress but urged congress to raise the debt ceiling, saying it gives the government the ability to pay its existing bills. he said, we think we're getting some effect in lowering interest rates but saying it was still early yet. saying we have found it can be an effective tool but we'll continue to assess how effective and saying that could change over time. this comes in context of a debate on the federal reserve over the effectiveness of the additional quantitative easing and some concern about the negative impact. the felt, d, he said, has the ability to undo the policies before inflation becomes a problem. and then he was asked about the federal reserve enabling congress to spend a lot of money because it buys the government's debt, but he said it's not up to the fed to play games and tell congress what it should and should not be doing on its spending. and he added that the federal reserve has to follow its dual mandate. he was asked about question about his personal and he said, i try to get a lot of sleep and then, melissa, talki
and he said the fiscal cliff deal represented progress but urged congress to raise the debt ceiling, saying it gives the government the ability to pay its existing bills. he said, we think we're getting some effect in lowering interest rates but saying it was still early yet. saying we have found it can be an effective tool but we'll continue to assess how effective and saying that could change over time. this comes in context of a debate on the federal reserve over the effectiveness of the...
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Jan 8, 2013
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i agree with you, a deal was made on sequestration in order to get the debt ceiling. should have to live with it. >> now this -- >> a deal is a deal. >> right. >> this sequestration -- this spending cut today was done a year ago and they raised the debt ceiling. they're a year behind. and you work for bill clinton. and i am an admirer of many of bill clinton's economic policies. bill clinton, gingrich, a handshake was a handshake. they said they cut spending, they cut spending. they said they'd reform welfare, they reformed welfare. these guys, it's like a floating crap game. i can't figure out who's on first and the money is going into which sewer. >> i do think ultimately it's not going to be the debt ceiling. that's one where congress almost by definition is going to lose. it's a poor place to have this discussion. it's going to happen in and around sequestration. and you made a point earlier about the fact why don't the republicans come up with a clear idea and clear frame. i think that applies to both democrats or republicans and i would submit the first side tha
i agree with you, a deal was made on sequestration in order to get the debt ceiling. should have to live with it. >> now this -- >> a deal is a deal. >> right. >> this sequestration -- this spending cut today was done a year ago and they raised the debt ceiling. they're a year behind. and you work for bill clinton. and i am an admirer of many of bill clinton's economic policies. bill clinton, gingrich, a handshake was a handshake. they said they cut spending, they cut...
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Jan 15, 2013
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ahead of the debt ceiling debate alan simpson will join me. we'll get his take on that and a lot more. stay with us. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. . >>> welcome back. okay. some painful news for drug-maker johnson & johnson. cvs says it will not carry its tylenol products in its stores after years of disruption. pfizer is the news
ahead of the debt ceiling debate alan simpson will join me. we'll get his take on that and a lot more. stay with us. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business...
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Oct 14, 2013
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now there are suggestions that democrats are demanding any debt deal and not lock in. congress will be in session even though it's a federal holiday. the imf's chief christine lagarde has warned of serious consequences if the debt ceiling isn't raised. >> if there is the degree of destruction, that lack of certainty, that lack of trust in the u.s. signature, it would mean massive destruction the world over and we would be at risk of tipping yet again into recession. >> which is why people don't think it's going to happen. nevertheless, after rallying last week, the dow up 164 points. the s&p up 12 points. futures are down. the dow is currently 84 points below fair value. that's 14 points below fair value. the s&p 500 is currently around 10 points below fair value. global equities today during the session have been down not by much. the ftse global 300 is flat. no big setoff here. the ftse today up three points. it was up half a percent on friday. xetra dax down 16. the cac is down .2% but the ftse is up so you can see fairly mixed the a the moment. that's where we stan
now there are suggestions that democrats are demanding any debt deal and not lock in. congress will be in session even though it's a federal holiday. the imf's chief christine lagarde has warned of serious consequences if the debt ceiling isn't raised. >> if there is the degree of destruction, that lack of certainty, that lack of trust in the u.s. signature, it would mean massive destruction the world over and we would be at risk of tipping yet again into recession. >> which is why...
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Jan 11, 2013
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the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget controls and i would argue a constitutional debt as a percentage of the economy limit. >> saying you could never go beyond -- >> that's right. >> what percent would that be? >> 120% of gdp, 100%. public debt we're about 75. total debt we're over 100 already. so depends on how you want to count it. let's recognize what it is. on the other hand, spending is a huge problem. we're going to have to reform social insurance programs. we're going to have to do a better job of controlling health care costs. we're going to have to engage in comprehensive tax reform. yes, we're going to need to reduce defense and other spending. some of these things we're going to have to phase in over time so we don't undercut economic growth. so we don't exacerbate our unemployment, underemployment problem. but we need to pass the laws this year to get it do
the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget controls and i would argue a constitutional debt as a percentage of the economy limit. >> saying you could never go beyond -- >> that's right. >> what percent would that be? >> 120% of gdp, 100%. public debt we're...
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Jan 15, 2013
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i understand that you don't want to use the debt ceiling debate as -- as any leverage, you know. this is important. this is important for the u.s. as well as the world, so you don't want to use it as leverage, but why is it that it's always about taking off the gloves and fighting over it rather than coming up with real spending cut ideas? we still have not seen spending cut ideas to what we have, the 16.4 trillion or even, you know, projected spending, so where are the spending cut ideas, and when is that going to happen if you don't use some of these opportunities to actually get spending cuts on the table? >> well, the fortunate part is you follow this stuff, and if they would quit using the word cut. not cutting anything. can't believe when you say change the cost of living allowance to the changed cpi and save 108 billion in ten years or cutting, you know, balancing the budget on the backs of poor old seniors. when they wander up to the window in 2031 they are going to get a check for 25% less. what's smart about that? mean, let's just get real. they won't get real because t
i understand that you don't want to use the debt ceiling debate as -- as any leverage, you know. this is important. this is important for the u.s. as well as the world, so you don't want to use it as leverage, but why is it that it's always about taking off the gloves and fighting over it rather than coming up with real spending cut ideas? we still have not seen spending cut ideas to what we have, the 16.4 trillion or even, you know, projected spending, so where are the spending cut ideas, and...
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Aug 13, 2013
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ceiling debate. people might take some profits ahead of that. >> there's no debate in the german elections. that ship sailed. >> correct. we'll get through it, it's another event people are talking about. >> the debt ceiling will be another issue but here is what you have. what you really have is uncertainty if the market can go up in the initial stages of a cutback on easing. europe is looking good and that's going to help. >> if our next guest is right, stocks may not have much left between now and the end of the year. mohammed al aryan is ceo of pimco. he's live in newport beach. welcome back. nice to see you again. >> thank you. >> you must not have much faith that stocks are going to do much between now and the end of the year if you are loading up on treasuries again. >> the risk marts start high yield bond treding water and getting tired and getting tired because we priced in a lot of good news. there's some major uncertainties you talked about. look at september/october. we have the debt ceil
ceiling debate. people might take some profits ahead of that. >> there's no debate in the german elections. that ship sailed. >> correct. we'll get through it, it's another event people are talking about. >> the debt ceiling will be another issue but here is what you have. what you really have is uncertainty if the market can go up in the initial stages of a cutback on easing. europe is looking good and that's going to help. >> if our next guest is right, stocks may not...
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ceiling deal. how are we ever going to get out of this conundrum if we don't at some point start paying the money we promised to pay. >> you just said something. how are we going to get out of this conundrum. according to an op-ed by mr. stephen moore, the president doesn't believe there's a problem. do you believe that the material in that op-ed is correct? do you think in your opinion that the government believes the president specifically doesn't believe we have a spending problem? >> the president does need to wake up and assess his surroundings. we are fixing to have the inauguration in a week or so. the debt will stand at a little other 16 trillion. by the time the next permit is inaugurated, the national debt will be $22 trillion. who cannot say there's a serious problem with being awash in red ink, and it threatens the fabric of our republic. >> i don't disagree. yesterday the nominee to replace timothy geithner is jack lew. keep in mind he's problem the professor and frankenstein that crea
ceiling deal. how are we ever going to get out of this conundrum if we don't at some point start paying the money we promised to pay. >> you just said something. how are we going to get out of this conundrum. according to an op-ed by mr. stephen moore, the president doesn't believe there's a problem. do you believe that the material in that op-ed is correct? do you think in your opinion that the government believes the president specifically doesn't believe we have a spending problem?...
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Jul 22, 2013
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>> well, i do think there is a possibility that some of the sequester in some sort of a budget debt ceiling deal gets rolled back. i don't know how much. but when you've got these cracks that are emerging in john mccain showing he can command a block of people to split with the leadership. john mccain is argueing for more revenue, for restoring defense cuts, argueing for getting together on a budget deal. there is some sort of budget accomodation. joen mccain is trying to push that rock uphill. so you got the possibly that something is going to happen. i wouldn't expect it all to go away. i think some of it will. >> where are we on taxes? i saw a new report over the weekend suggesting we might have some movement. >> you mean on tax reform? >> yep. >> oh, i think we are pretty much nowhere on tax reform. you got max baucus and dave camp, the two chairmen of the ways and means and finance committees. in a sense, starting with a blank sheet or paper or a bill. they don't have a proposal at this point a common proposal or individual proposals, they're saying everybody assume no loopholes in ded
>> well, i do think there is a possibility that some of the sequester in some sort of a budget debt ceiling deal gets rolled back. i don't know how much. but when you've got these cracks that are emerging in john mccain showing he can command a block of people to split with the leadership. john mccain is argueing for more revenue, for restoring defense cuts, argueing for getting together on a budget deal. there is some sort of budget accomodation. joen mccain is trying to push that rock...
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Jan 7, 2013
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we're dealing with a lot of head winds with the debt ceiling crisis and some of these other fiscal policies taking place, be it the health care regulations here in the u.s. i think investors are really going to be focusing on what companies are saying for 2013. >> and what are companies like to do with their spare cash? are we going to see more buybacks? >> that's a good question. i think buybacks is probably the trend of the times right now more than the m&a when companies had a lot of cash to spare. if you look at 2000, 1999 or maybe even 200 a, 2006, you were seeing m&a. now i think you're seeing more buybacks. that's a trend of the times, like you said. >> where is that going to leave the p/e ratios? >> the s&p right now is trading at 4.9 outs of forward multiple. you know, you can look at it as stocks being cheap right now. you can really make that argument. if you're saying that we've come out of the great recession and we're in that area where we're start to go rise in terms of our economic prowess, then you could say stocks are cheap. if you're saying that we're still -- we still ha
we're dealing with a lot of head winds with the debt ceiling crisis and some of these other fiscal policies taking place, be it the health care regulations here in the u.s. i think investors are really going to be focusing on what companies are saying for 2013. >> and what are companies like to do with their spare cash? are we going to see more buybacks? >> that's a good question. i think buybacks is probably the trend of the times right now more than the m&a when companies had...
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do they do that as part of raising the debt ceiling, too? both parties would like to figure out a way to fix the sequester and take the drag factor out of it. i don't see the path factor out of there. the republican party is on how much you cut and do you de-fund obama care as part of the process. it increases revenue for more programs. >> where do you get a deal that does that? even the president's people are threatening shutdown. >> they want higher revenues, higher taxes and they want to get it right and they want to get rid of the sequester. that stuff could shock businessmen even more. right now they're worried about the impact of obama care and that's been delayed a year for businesses on the mandate. when this washington stuff starts rolling around you may get less and they may huddle masses and take their cash and not hire anybody. it worries me! >> the sequester was a lot of bark and not so much bite. we see that bite diminishing in the gdp numbers earlier this week and we also see it dim inearning in the jobs number. the federal go
do they do that as part of raising the debt ceiling, too? both parties would like to figure out a way to fix the sequester and take the drag factor out of it. i don't see the path factor out of there. the republican party is on how much you cut and do you de-fund obama care as part of the process. it increases revenue for more programs. >> where do you get a deal that does that? even the president's people are threatening shutdown. >> they want higher revenues, higher taxes and they...
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Apr 10, 2013
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. >> where it leaves us is we need to come up with another short-term deal to raise the debt ceiling later this spring or into the summer when we hit it when treasury runs out of room with emergency measures to increase our borrowing limit so at some point later this spring after we get past the immigration debate and gun control debate we'll get together at the leadership level and with the white house to come up with something that allows for an increase in debt ceiling and maybe cpi gets in there and maybe it doesn't that increases the debt ceiling and takes more out of deficit reduction but 4 trillion over ten years sweeping deal that takes these issues off the table for a while. it will be another short-term fix. >> at the end of the day are republicans going to have to accept again higher taxes and the democrats are going to have to accept cuts and make changes in inflation to the way social security payments are made? is there any alternative to that at the end of the day? >> if you want a grand bargain deal then those are the elements of it, ross. it's just really hard to see
. >> where it leaves us is we need to come up with another short-term deal to raise the debt ceiling later this spring or into the summer when we hit it when treasury runs out of room with emergency measures to increase our borrowing limit so at some point later this spring after we get past the immigration debate and gun control debate we'll get together at the leadership level and with the white house to come up with something that allows for an increase in debt ceiling and maybe cpi...
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Jan 15, 2013
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ceiling which tends to be popular. people -- you know, the american public, they hear debt ceiling and they think no, let's not do that. that sounds awful to give government more money to spend. he's trying to turn it around. but it absolutely is a dynamic that he exemplploited when he w senator. >> robert costa, let's look at this for a minute. republicans have a tricky situation. because the country does not want us to default. and this whole business of managing accounts and prioritizing, there's 80 million payment accounts. i know the interest on the debt will be paid, but to some extent the gop has got to watch itself, robert. they could come really at the wrong end of a massive public relations blunder. >> that's exactly right, larry. the president's press conference today really was first battle in this public relations war. what matters is that the president is out there for an hour, making his case to the american people. what the republicans need to do a better job is making their case. now, it's easy to poin
ceiling which tends to be popular. people -- you know, the american public, they hear debt ceiling and they think no, let's not do that. that sounds awful to give government more money to spend. he's trying to turn it around. but it absolutely is a dynamic that he exemplploited when he w senator. >> robert costa, let's look at this for a minute. republicans have a tricky situation. because the country does not want us to default. and this whole business of managing accounts and...
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. >> or maybe the debt ceiling kills the dell deal. marty, last word, do you think it will happen? >> it looks like a stretch. it's a big deal. you would have to have several lbl firms involved in it. they have to raise a lot of debt. it's a stretch. >> marty of fridson vision, thank you. it's a stretch, he says. >> and the fundamentals don't go away, either. >>> still to come, the new corvette scores a win for general motors. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. >>> welcome back to "worldwide exchange." if you're just joining us, i'm kelly evans. >> and i'm ross westgate. >> urging action, obama, bernanke and geithner all say congress must raise the u.s. debt ceiling or cause irreparable harm to the economy. fitch joins in and saying any delay will cause a formal review. >>> dell eye tess private life. reports say the pcmaker has been in talkses with several private equity firms in recent months about a possible buyout. >>. >> announcer: you're watching "worldwide exc
. >> or maybe the debt ceiling kills the dell deal. marty, last word, do you think it will happen? >> it looks like a stretch. it's a big deal. you would have to have several lbl firms involved in it. they have to raise a lot of debt. it's a stretch. >> marty of fridson vision, thank you. it's a stretch, he says. >> and the fundamentals don't go away, either. >>> still to come, the new corvette scores a win for general motors. ♪ [ male announcer ] some day,...
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Jul 8, 2013
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skeptics point out that the $66 billion dividend helped stave off an ugly debt ceiling debate for another quarter or two, kelly and bill, but a court will have to determine who's right. >> kate, you also just broke a story about the banks and capital requirements. can you bring people up to speed on what's going on there? >> reporter: absolutely. so the fdic is expected to announce new bank capital requirements tomorrow morning at 9:00. and we are hearing that the standards will be tougher than originally thought. under basel 3, as a reminder, they have to hold 3% of the common equity against total asset the, meaning they will be able to borrow a little less in the future as a way to stave off future systemic risks. but under tomorrow's proposed guidelines, that 3% figure goes to 5%. this requirement known as the simple leverage ratio could be a big negative for goldman, jpmorgan, and other banks since off-balance assets are likely to be included in the asset allocation, but they may have sympathy from the fed, which was said to be open to higher borrowing levels as recent as their meetin
skeptics point out that the $66 billion dividend helped stave off an ugly debt ceiling debate for another quarter or two, kelly and bill, but a court will have to determine who's right. >> kate, you also just broke a story about the banks and capital requirements. can you bring people up to speed on what's going on there? >> reporter: absolutely. so the fdic is expected to announce new bank capital requirements tomorrow morning at 9:00. and we are hearing that the standards will be...
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Jan 10, 2013
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you can't negotiate over the debt ceiling. it was never done before, before 2011, it should never have been done. you want to know why the dollar's down 10%? >> yes. >> because we made this ridiculous deal on the fiscal cliff that increases spending. had we gone over, the market would be up and the dollar would be stronger because we would've done something about the deficit. the dollar has nothing to do with any fiscal irresponsibility on obama's part because i don't think he's fiscally responsible. it has to do with the deficit which i naturally blame on the republicans. >> steve forbes, i've got another one for you. this is -- maybe i shouldn't raise this, but obama raised this. obama is always accusing wall street fat cats, always talking about bonuses, obscene bonuses. well, for heaven sakes, jack lew was on wall street for a year. he ran the alternative investments at citibank and he got $1 million bonus to that and $1 million cash compensation on top of that. i don't begrudge him that. i'm a free market guy. but his bos
you can't negotiate over the debt ceiling. it was never done before, before 2011, it should never have been done. you want to know why the dollar's down 10%? >> yes. >> because we made this ridiculous deal on the fiscal cliff that increases spending. had we gone over, the market would be up and the dollar would be stronger because we would've done something about the deficit. the dollar has nothing to do with any fiscal irresponsibility on obama's part because i don't think he's...
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i don't see the path to an easy deal. from the debt ceiling, how do we get there? >> tony, too sanguin? >> yes. they were surprised to hear i was as surprised how this will work out. i really am. i think when the president and congress did the deal on the bush tax cuts, it took away the deal to get it done. the pressure on the conservatives. that's gone now, it makes all of these fights much more difficult and wall street really understands. >> we will leave it there. thank you, guys. >> thank you. >>> all right, still to come on "squawk box," we have more of today's top stories, including the latest on the board room battle at j.c. penney. that's coming up at the top of the hour. help the gulf recover and learn from what happened . . >> welcome back. u.s. equities futures at this hour. let's look at how we are setting up on the streets on this monday. it looks like it will be a lower open. at least that's how it's shaping up at this hour. the u.s. stockmarket ending six weeks of gains on friday. that's how we are looking right now. we get ready for the trading wee
i don't see the path to an easy deal. from the debt ceiling, how do we get there? >> tony, too sanguin? >> yes. they were surprised to hear i was as surprised how this will work out. i really am. i think when the president and congress did the deal on the bush tax cuts, it took away the deal to get it done. the pressure on the conservatives. that's gone now, it makes all of these fights much more difficult and wall street really understands. >> we will leave it there. thank...
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the one i equate this to is august 11th when we had the debt ceiling debate that time around and being held hostage, keith, and the market saw unprecedented volatility of 4% each day. now we have nothing. >> we're not seeing that this time. i think there's a great deal, sense of deja vu, been through this sort of shell before. we don't know where this is going to be resolved. i'm not sure it's going to last as long as larry says. the president getting involved, meeting with business and congressional leaders, that's a sign there will be increased pressure on members of congress to do something. i don't think john boehner wants this to go past october 17th. >> john boehner wanted a clean cr. >> sure did. >> two weeks ago. >> the reluctant leader in all this. >> i' gri wet keith's point, the president meeting with leaders is a step in the right direction. his position of not being involved was not sustainable. if he's going to involve himself now that's going to help a lot. this thing could be solved. you could have an end to the shutdown by this week and move into the debt ceiling where
the one i equate this to is august 11th when we had the debt ceiling debate that time around and being held hostage, keith, and the market saw unprecedented volatility of 4% each day. now we have nothing. >> we're not seeing that this time. i think there's a great deal, sense of deja vu, been through this sort of shell before. we don't know where this is going to be resolved. i'm not sure it's going to last as long as larry says. the president getting involved, meeting with business and...
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Jan 10, 2013
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we still have to deal with the debt ceiling. we've surpassed legally the debt ceiling. now we're operating on these extraordinary measures. but it could be a critical decision. our focus on the economic team is critical given there's concerns over the long-term fiscal health of the company. overall, the markets are going to be cautious in thinking about, you know, it's an awkward time to be doing this transition, but it has to be done. >> yeah. meanwhile, i mean, we haven't seen treasury yields getting up to 1.9%. they have started to come back down, george. with that is 1.9, is that sort of the top of the range? if so, what is the range that we're now in? >> well, look, i think, you know, the market started out the year a little bit too worried about the fed minutes and thinking that the fed would take away stimulus and thinking that the fiscal cliff deal resolution was indicative of what still lies ahead. we think that the debt ceiling fight is going to be a long, drawn out battle. and pretty acrimonious along the way. it's going to be very difficult to sustain rates
we still have to deal with the debt ceiling. we've surpassed legally the debt ceiling. now we're operating on these extraordinary measures. but it could be a critical decision. our focus on the economic team is critical given there's concerns over the long-term fiscal health of the company. overall, the markets are going to be cautious in thinking about, you know, it's an awkward time to be doing this transition, but it has to be done. >> yeah. meanwhile, i mean, we haven't seen treasury...
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Jan 15, 2013
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there's been three or four deficit deals reached during debt ceiling negotiations. that's what they've been used for in the past. in fact, you voted no on raising the debt ceiling in 2006, and some other things. and then to see him actually, he looked shocked that his loyal cadre of acolytes that someone would actually broach the subject that, you know, that he actually had a tough time answering. >> i think it shows the position he's in, though. he gets attacked from the right and the left. >> he doesn't get attack. the questions i want asked are never asked of him anywhere. >> he should come on "squawk." >> that's not going to happen. >> i'll get out. is that possible? >> no. >> i had a story but we'll talk about that one later. >> what's your story? >> we'll do it later in the broadcast. >> about nerds? >> what else would it be about? you want me to talk to here? i'm going to talk to here. coming up this morning's top stories, plus we're going to hop behind the wheel with nissan ceo carlos ghosn at the detroit auto show. first check this out, double the guest hos
there's been three or four deficit deals reached during debt ceiling negotiations. that's what they've been used for in the past. in fact, you voted no on raising the debt ceiling in 2006, and some other things. and then to see him actually, he looked shocked that his loyal cadre of acolytes that someone would actually broach the subject that, you know, that he actually had a tough time answering. >> i think it shows the position he's in, though. he gets attacked from the right and the...
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an important aspect, congress should not rest on its laurels and should end up raising the debt ceiling in the coming months. >> congress should deal with this right away and the fact they have more time should not put off with dealing with this. it is not good. i don't think it's in the interest of the u.s. orred world economy for congress to weigh into the last minute and create a sense of anxiety. >> hey, so one other thing he said is he's urging europe in the g-7 to deal with a better balance with growth and austerity and finally on the yen, he seemed to give a green light for them pursuing their approximately sos and japanese policies that have led to this decline in the end. carl, back to you. >> he did say, steve, he did tell you we will keep an eye on them and policy needs to stay within the bounds of international agreements. how uncomfortable is this meeting going to be said. are you taking actions to spur growth or devalue the currency? at least at this point he is not saying they are taking those actions. i do think there is a limit, carl as to how much the united states wil
an important aspect, congress should not rest on its laurels and should end up raising the debt ceiling in the coming months. >> congress should deal with this right away and the fact they have more time should not put off with dealing with this. it is not good. i don't think it's in the interest of the u.s. orred world economy for congress to weigh into the last minute and create a sense of anxiety. >> hey, so one other thing he said is he's urging europe in the g-7 to deal with a...
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Oct 21, 2013
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will try to resolve the debt ceiling issue over the next couple of months, but this won't change the substance of the matter, which is the country's deteriorating ability to repay its debt. it doesn't rely on its income or wealth to repay its debt. instead, they borrow new debt to pay old debt. this is a very vulnerable relationship which can put the government on the edge of a debt crisis. this is a long-term problem and won't be fundamentally resolved by raising the debt ceiling. we remain bearish. >> ross? >> good stuff, sixuan. catch you a little bit later. that was part of sixuan's interview. i'm just wondering whether we think dagong -- we care of what dagong says. what's the validity? >> there's a lot of merit to it. the counter argument, the u.s. dollar remains the world's currency. it's effectively like gold was 100 years ago. >> in 2011 chinese and japanese treasuries went up. if they're accumulating it affects reserves, the pace they are, even if they're diversifying. their holdings will have to rise. in the long run we're on the whole for the dpie lem ma. the dollar's inf
will try to resolve the debt ceiling issue over the next couple of months, but this won't change the substance of the matter, which is the country's deteriorating ability to repay its debt. it doesn't rely on its income or wealth to repay its debt. instead, they borrow new debt to pay old debt. this is a very vulnerable relationship which can put the government on the edge of a debt crisis. this is a long-term problem and won't be fundamentally resolved by raising the debt ceiling. we remain...
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Jan 10, 2013
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the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial crisis. the global finance job. who is the treasury secretary? he's the guy you need to stand up during the next meltdown. second thing, dodd-frank remains out there, unfinished regulations. basil 3. fannie mae and freddie mac as well as more on too big to fail. that's some of the new stuff. how about the old stuff in not an easy job either. he's the main spokesman for the greenback. he will negotiate with china and other partners, as well. and then he's the representative when it comes to the g-20, the imf, world bank and of course what about that other thing, he is the liaison with the business commun
the debt ceiling and more among the jobs here, negotiate a debt ceiling and sequester deal with congress, or if you don't do that figure out thousand run the government without debt. an interesting job. also on that agenda, fixing long term entitlements. as well as the broader thing which geithner has been working on, but hasn't really pulled the trigger on, corporate and individual tax reform. let's broaden it out because there's a local other area especially in the wake of the financial...
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Jan 16, 2013
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that we did, were those occurring at the same time as debt ceiling raises? >> they all do. >> we've heard that that -- i'm not going to accept that, not going to do it, not the way it's done. we're not a banana republic. how many can you recall, deficit deals were affected? it's something that's done, is it not? >> standard operating procedure. we all learned about the power of the purse of democracy. back then, it used to be taxes because they couldn't borrow. now, you can borrow. taxes aren't the only strains what government can spend. the parliament and congress has to be able to control the borrowing level. that's government 101. >> is zit in g-- dis in geingeny we've already been to the restaurant and trying to stiff the bill? it wasn't the $800 stimulus or any of the things the president's done, it's congress? >> first, you're raising debt limits to cover future spending. fact one is the money hasn't been spent yet. that's not true. >> it's sort of disassembling. >> that's a good word for it. the second fact is congress hasn't approved the money. no co
that we did, were those occurring at the same time as debt ceiling raises? >> they all do. >> we've heard that that -- i'm not going to accept that, not going to do it, not the way it's done. we're not a banana republic. how many can you recall, deficit deals were affected? it's something that's done, is it not? >> standard operating procedure. we all learned about the power of the purse of democracy. back then, it used to be taxes because they couldn't borrow. now, you can...
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Dec 26, 2013
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this budget deal is a good sign of that. the debt ceiling issue, there's still wrinkles for sure. i think for the first time in a while, we've got a chance of washington being more out of the way. the fed i think is still going to be very accommodative for a long time. there's a lot of slack in the economy, inflation's low. yeah, they'll probably be continuing to slow down the asset purchases, but they told us. they're going to be low for long and i think we can take them at their word for that. >> do you think that the people that you think of that have been left behind -- and we have a -- when economic times aren't gr t great, we forget that just having everything get better usually helps. >> it does help. >> it does help. we see the income disparity and inequality and see people that aren't doing well that are left behind. are there other things we need to do, too? >> yeah, i think there are. but growth will help. it's not just in the u.s. it's global. but when the economy is weak, it gets worse. you know, in the late '90s when the economy was red hot, labor market was real tig
this budget deal is a good sign of that. the debt ceiling issue, there's still wrinkles for sure. i think for the first time in a while, we've got a chance of washington being more out of the way. the fed i think is still going to be very accommodative for a long time. there's a lot of slack in the economy, inflation's low. yeah, they'll probably be continuing to slow down the asset purchases, but they told us. they're going to be low for long and i think we can take them at their word for...
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Jul 24, 2013
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government running, and strike a deal by november to raise the debt ceiling. the partisan bigering in washington is taking its toll on the american people, in the latest nbc wall street journal polt, 61% of the u.s. say the u.s. is headed on the wrong track versus 29% who say things are getting better. the president's approval rating has dropped from 53% after last year's election to 45%, but they still like him better than congress, whose approval rating has dropped to 12%, the worst score in the poll's history. president obama has been filling several oppositions in his administration, but reports say he hasn't made a decision on who might replace fed chairman ben bernanke, whose term ends in january. the washington post reported tuesday former economic adviser and treasury secretary larry summers is the front-runner, but the president isn't expected to make an announcement until this fall. there also soon could be another seat to fill at the fed. reports say the white house is considering tapping fed governor sarah bloom raskin to be a deputy treasury secre
government running, and strike a deal by november to raise the debt ceiling. the partisan bigering in washington is taking its toll on the american people, in the latest nbc wall street journal polt, 61% of the u.s. say the u.s. is headed on the wrong track versus 29% who say things are getting better. the president's approval rating has dropped from 53% after last year's election to 45%, but they still like him better than congress, whose approval rating has dropped to 12%, the worst score in...
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Jan 22, 2013
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we'll have to deal with the debt ceiling and probably at least the sequester before that. so you know, there are not a lot of proposals formally on the table from the democrats. and i think we're going to have a very, very messy march and probably into early april, maybe even with a government shutdown, and initial sequester. but eventually, one might hope that they're going to be forced in some sort of balance of a deal with new revenues and spending that jerry and i were talking about yesterday. >> jerry, as hard as it is for a centrist to look at when the president would be subjected to criticism from the far left, and i saw it for four years, that this guy let us down. matt damon, whomever, any of these clowns, that thought that the great progressive mantle that he was given had been left behind for four years. given the speech are they now going finally, this is what we wanted all along? at least from the rhetoric they must be satisfied from that speech yesterday. >> i think that's right. and i think i'm hearing some of that kind of sentiments expressed by people who
we'll have to deal with the debt ceiling and probably at least the sequester before that. so you know, there are not a lot of proposals formally on the table from the democrats. and i think we're going to have a very, very messy march and probably into early april, maybe even with a government shutdown, and initial sequester. but eventually, one might hope that they're going to be forced in some sort of balance of a deal with new revenues and spending that jerry and i were talking about...
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Oct 10, 2013
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>> reached the debt ceiling in may, using extraordinary -- >> even though you're always anxious, you like being anxious. hoping for too big to fail. >> there's a possibility that even if we -- even if we do get a deal before november 1st that actually the markets themselves -- and we break the buck and all sorts of other -- >> look at what's happening today, 122 points based on guys going there. >> that being they could never do it again, but i didn't realize we might be in a situation like that. >> they could do something but they'll need the treasury secretary's signature so it'll be essentially a political action. >> you need one with a magnet? >> i need to point out i think you're correct in that in the following way. anything you say about this pessimistic or optimistic is effectively a political statement. in that there's a faction of the republican party that wants you to believe that reaching the debt ceiling is not a big deal and the democratic party wants you to believe it's a catastrophe. and they want the pressure on the republicans to understand. >> that's why we want gu
>> reached the debt ceiling in may, using extraordinary -- >> even though you're always anxious, you like being anxious. hoping for too big to fail. >> there's a possibility that even if we -- even if we do get a deal before november 1st that actually the markets themselves -- and we break the buck and all sorts of other -- >> look at what's happening today, 122 points based on guys going there. >> that being they could never do it again, but i didn't realize we...
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Jan 14, 2013
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. >> the debt ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether the insurer transferred its rights to sue for losses that it incurred on its troubled bonds when it sold $2 billion in securities to the fed in 20308. aig is preserving its right to sue the federal government and other debts. >> fed chairman ben bernanke is going to speak and answer questions at the university of michigan. in d.c., president obama is said to be forging ahead on a wide ranging plan to overhaul the immigration plan this year. this includes a path to citizenship for illegal immigrants already in the country. immigrants would have to pay fines and back taxes. it would require businesses to veri
. >> the debt ceiling is still around. >> easily, though. >> the debt ceiling is still around. you are still dealing with that and, of course, the sequester issue. there are a lot of questions about what happens. we're speccing to run into that debt ceiling sometime between february 15th and march 1st. in the meantime, let's talk about corporate news. aig is suiciding maiden lane over lawsuit rights. it's the federal vehicle created during aig's bailout. at issue is whether...
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Oct 2, 2013
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armageddon again. >> have you saying the debt ceiling is not at an absolute panic point? >> defaulting on the government debt is a panic point. >> what are you so sanguine about, then? >> what's that? >> what are you so sanguine about? >> i feel that if the market doesn't fall into a fans sense of complacency, the market stays steady, focuses on the economic merit because the recovery does continue and doesn't panic, then i think the administration will say, okay, we cannot default on the debt. the republicans cave on obama care and the administration moves on spending initiatives. >> down the road. >> yes. that's my gut. >> you need a budget deal here. what you hope this would really produce. the crazy thing about this continuing resolution business is basically it says, let's spend the same money that we spent in 2011 on this stuff in 2014. we're going to fill the same potholes. so we need a budget deal. we've made -- i think we always forget, we've made more progress on the federal debt and deficit than we remember, right? >> but that's not anything that congress and t
armageddon again. >> have you saying the debt ceiling is not at an absolute panic point? >> defaulting on the government debt is a panic point. >> what are you so sanguine about, then? >> what's that? >> what are you so sanguine about? >> i feel that if the market doesn't fall into a fans sense of complacency, the market stays steady, focuses on the economic merit because the recovery does continue and doesn't panic, then i think the administration will say,...